If there is a use for crypto here it will be for rich Chinese to evade their government when moving money outside the country as they typically do.
That's the real use of Bitcoin. It's why Bitcoin mining is such a big thing in China. It's "exporting". Made in China, sold outside China - that's exporting, and not only legal, but encouraged and subsidized. Buy a share in a Bitcoin mine in yuan, watch your EUR or USD balance build up in Hong Kong or Switzerland.
It also messes up the Bitcoin mining economics for the rest of the world. If you see mining bitcoin as a way to convert CNY -> equipment and electricity -> bitcoin -> foreign currency, you’re willing to operate at a loss. Kind of like how when people launder money they accept they’ll only get 50% or something of their dirty money converted into clean, except in reverse.
That's the real use of Bitcoin. It's why Bitcoin mining is such a big thing in China. It's "exporting". Made in China, sold outside China - that's exporting, and not only legal, but encouraged and subsidized. Buy a share in a Bitcoin mine in yuan, watch your EUR or USD balance build up in Hong Kong or Switzerland.